Property in the UK, I have heard that you can get a real bargain from repossesion at auction?

Im looking to buy property in the UK, I have heard that you can get a real bargain from repossesion at auction. I have contacted my bank and they have no information about where they do their auctions. Does anyone know how to find out about the best way to going to an auction like this?

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9 Responses to “Property in the UK, I have heard that you can get a real bargain from repossesion at auction?”

  1. debmil31 says:

    1. Not everything at Auction are bargains there are many overpriced..developers buy at auction cheap..do it up and sell it again at auction..be careful…its not all reposessions..its also pple who want money quickly….
    2.You need to have the funds readily avaliable…you complete in 28days or loose your deposit (10%)
    3.Do an internet search all auctions houses have websites…

  2. snetterton says:

    You can only buy in cash at an auction such as this and you have to be a UK resident.

  3. Kevlar says:

    yeh but, its not really good as u dont get to see the house itself, like whats inside etc.. unless u know where it is

    best go thru an agent

  4. dziabaglondon says:

    i would like to know the answer to this question too!

  5. gilly g says:

    Here, this site should help you out but a word of warning first, these properties are much cheaper usually because they need a lot of work doing to them. Good luck
    http://www.ukauctionlist.com/

  6. Leo says:

    The majority of these properties and homes are released through property auctions where regular savings of between 10% to 40% are available to the households market value.

    TYPES OF PROPERTIES FOUND AT AUCTIONS

    Household Repossessions – Sadly for the previous owners, repossessions can often be picked up at bargain prices through auctions.

    Investment properties – Properties, which are valued due to the return on investment that they provide. Includes everything from individual office/shop investments to blocks of flats.

    Rundown properties – Auctions are great places to pickup properties that are unsaleable in their current state. The attraction here is if you can get such a property in a good location at a cheap price it’s perfectly possible to refurbish and resell on at handsome profits. Indeed there are individuals and organisations that make their living doing this. Unsaleable properties usually come under the following categories

    # Derelict or in derelict areas.
    # Subject to severe disrepair.
    # Subject to local authority notices.
    # Subject to closing orders.
    # Offered with ambiguous legal titles.
    # Sold without access.
    # Sold with major fencing, paving, drainage or other similar responsibilities.
    # Sold subject to covenants or restrictions, which prevent normal use.
    # Exceptional properties – Include ones that have historical meaning and plots which ‘get in the way’ of major development projects

    TYPES OF PROPERTY AUCTION

    Large property auction composite – Tend to have over 100 lots. Expect well over 300 people to attend and the venue to be held in a large hotel or conference centre. Large composite auctions are likely to be run by a single auction house. The type of property may be restricted to just one (e.g. vacant possession houses, factories, house repossessions, warehouses etc) or may be a mixture of different types.

    Medium composite auction- Have between 5 to 100 lots and will typically attract between 200 to 500 people, most likely in a hotel or conference centre. It’s similar to a large composite, only on a smaller scale.

    Small composite auction- Offer between 2 to 5 lots and will attract upto 5 bidders. The likely venue is likely to be somewhere like a pub, restaurant, church or small hotel. Small auctions will generally follow a theme – for example the properties involved may have been part of a bigger group (such as a portfolio of properties owned by one company) who believe the best returns will be obtained by offering the properties for sale individually.

    Single lot auction- usually for a house that is in great demand.

  7. Crazy Diamond says:

    Auctions are OK but I would advise you to take a close look at the property first, preferably with a surveyor.

  8. funnycunny says:

    I own a street, you are welcome to it for £20k

  9. Duffer says:

    Any reputable auction house is likely to handle property auctions from time to time, although there are specialists usually attached to estate agents. Bargains can be had, but usually properties need renovating at considerable expense. The auctioneer will have a ‘legal pack’ for each property which is essential reading as many hidden problems can be highlighted there. Viewing the property is essential too, and the auctioneer can arrange that. Finance must be in place before the auction since the property is yours when the hammer falls and you’ll need 10% of the price there & then as a deposit. The balance is payable in 28 days. Failure can cost you dear. Be aware that many properties have reserve prices below which the auctioneer will not sell. If the property is a repossession the bank has a legal duty to sell for the best price possible.
    Finally, there are likely to be others bidding too.

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